ATLANTA-The 301-unit Manor at Buckhead apartment complex has traded hands for $57.4 million with plans to convert the complex into condominiums. Chicago-based Oculus purchased the property from New York-based ING Clarion.
Apartment Realty Advisors representatives Derrick Bloom, John Weber and Sean Henry handled the sale through the company's Atlanta office. Oculus has started to prepare the property, but has not yet started work on the conversion project. Sales of the units have not yet begun.
Built in 2000, the three-story Manor at Buckhead is located at 3558 Piedmont Rd., N.E. It contains units with one bedroom and one bathroom that range in size from 701 to 1,071 sf and rent for $975 to $1,495. The two-bedroom, two-bathroom units range in size from 1,206 to 1,509 sf and rent for $1,210 to $2,090. The three-bedroom, three-bathroom units range in size from 1,655 to 1,769 sf and rent for $1,585 to $2,225. Unit amenities include fireplaces with gas starters, hardwood floors and washer/dryer connections. Building amenities include a swimming pool, underground parking deck and executive business center.
Bloom tells GlobeSt.com that the sale is reflective of the strong multifamily market in the area. It was the highest price paid for a building that was not a high rise. "For four years, the Atlanta market has been very challenging but, for the last 12 months, there has been an upswing," Bloom says.
The softening of other multifamily markets along the East Coast, such as Florida, was a contributing factor to the sale of the property. "Right now with the downturn of the Florida market, more groups are looking to Atlanta for condo conversion projects," Bloom says.
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